Dubai Shares Rise to Six-Week High as Exchange Suspends Arabtec - Bloomberg:
"Stocks in Dubai posted their biggest weekly gain since March after the bourse halted trading in Arabtec Holding Co., the largest listed construction company, pending clarification of its ownership.
The DFM General Index (DFMGI) increased 0.9 percent to 4,903.46 at the close in the emirate, the highest since June 8, bringing its weekly gain to 7.2 percent. Arabtec was suspended “awaiting clarification from the company on media reports about strategic partners’ stake,” according to a statement on its website.
Arabtec’s second-largest shareholder, Aabar Investments PJSC, is in talks to buy at least half of a 28.9 percent stake held by the construction company’s former Chief Executive Officer Hasan Ismaik, a person with knowledge of the situation said July 15. The builder’s public relations executive didn’t immediately respond to calls and an e-mail seeking comment today."
'via Blog this'
No comments:
Post a Comment